The old advice was concentrate.

For years, the venture playbook rewarded conviction. Pick a few names, do all of their follow on rounds, and if you're right, you're really right.

But when you genuinely can't predict how the new technology will shake out, that whole approach starts to wobble.

Nobody knows how this plays out

Look at the pace of disruption right now. In one recent stretch, a single AI company shipped 120 features in 90 days.

Think about what that does to a startup's competitive position.

Innovation is moving faster than anyone's ever seen, throwing challenges at founders that simply didn't exist before.

So if you can't pick the winner with any real confidence, maybe don't try to pick just one.

Bet on teams, spread the risk

This is the counter-narrative. When the ground is shifting, a big, diversified portfolio gets more compelling.

The logic is simple. You're not betting on one product surviving the chaos. You're betting on great teams who can pivot fast when the market moves under them.

A scrappy founder moving at lightning pace can dodge disruption. A concentrated bet on one company can't.

Most of your checks won't work out (and that's fine)

With a diversified portfolio, the majority of your companies don't need to succeed.

You're building for the handful that return the whole thing.

Say you write twenty $2k checks. That's $40k across twenty founders. You're not hoping all twenty become winners.

You're hoping one or two get big enough (50x-100x+) to carry the rest. The other eighteen can fizzle and you're still fine.

That's the power law doing its job. A few outcomes carry everything.

Why now more than ever

We believed in spreading bets back when Hustle Fund was founded in 2017 and we believe it even more today.

When the future is genuinely unknowable, breadth isn't timid. It's the smart play.